The firm claimed a deal with a major European football club was halted just days before signing.
Collaboration with investment banks for a funding round and an IPO, valued between $8- $12 billion, was interrupted.
Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian authorities.
The Dismissal of Charges against Nexo's Leadership
Represented by the prestigious U.S. law firm Pillsbury
Winthrop Shaw Pittman LLP, Nexo AG's claim centers on the aftermath of
unjustified and oppressive criminal investigations. These investigations,
initially launched by the Bulgarian Prosecutor General's Office in January
2023, were subsequently dismissed for lack of merit on December 21, 2023,
clearing Nexo and its management, including Kosta Kantchev, Antoni Trenchev,
Kalin Metodiev, and Trayan Nikolov.
“Despite the unjustified attacks
by the Bulgarian authorities in January 2023 taking a significant toll on the
entire Nexo group, we were able to continue business operations,” said
Trenchev, the Co-Founder of Nexo. “However, our growth path has been slowed down
and opportunities lost or significantly delayed. I personally promised 10
months ago that we would explore all legal means available to secure financial
compensation for Nexo."
Deborah Ruff, Pillsbury’s Head of Arbitration, expressed
confidence in representing Nexo in what she called a "battle for
justice." Matthew Oresman, the Managing Partner of Pillsbury’s London Office,
affirmed belief in the strength of Nexo's claim after a thorough examination of
the case.
Reputational
Damage and Financial Setbacks
According to the firm, the politically motivated attack in
2023 had severe repercussions on Nexo, damaging its brand and reputation. As a
result, lucrative business opportunities were lost, and Nexo AG's investments
in Bulgaria
suffered setbacks.
Several planned business activities had to be abandoned,
impacting the company's growth trajectory. Nexo's collaboration with
three leading US investment banks on a funding round and an initial public
offering, with an indicative valuation between $8 billion and $12 billion, was
disrupted.
A strategic alliance with a major European football club,
set to make Nexo the club's official digital wallet
and main partner, was halted just days away from signing. This partnership involved plans for an innovative club-branded payment card, a potential
game-changer for the blockchain industry. Nexo's reputation and brand were
tarnished, resulting in missed opportunities, lost revenue, and a decline in
company value.
Finance Magnates attempted to reach out to the Litigation
Department within the International Arbitration and Procedures Division at the
Ministry of Finance in Sofia, Bulgaria, as well as the Office of the Prosecutor
General in Sofia, Bulgaria, but has not received a response yet.
Nexo AG and its subsidiaries have initiated legal action
against the Republic of Bulgaria, filing an International Centre for Settlement
of Investment Disputes arbitration claim exceeding $3 billion. The
claim alleges damages and lost opportunities resulting from what Nexo describes
as wrongful and politically motivated actions by Bulgarian authorities.
The Dismissal of Charges against Nexo's Leadership
Represented by the prestigious U.S. law firm Pillsbury
Winthrop Shaw Pittman LLP, Nexo AG's claim centers on the aftermath of
unjustified and oppressive criminal investigations. These investigations,
initially launched by the Bulgarian Prosecutor General's Office in January
2023, were subsequently dismissed for lack of merit on December 21, 2023,
clearing Nexo and its management, including Kosta Kantchev, Antoni Trenchev,
Kalin Metodiev, and Trayan Nikolov.
“Despite the unjustified attacks
by the Bulgarian authorities in January 2023 taking a significant toll on the
entire Nexo group, we were able to continue business operations,” said
Trenchev, the Co-Founder of Nexo. “However, our growth path has been slowed down
and opportunities lost or significantly delayed. I personally promised 10
months ago that we would explore all legal means available to secure financial
compensation for Nexo."
Deborah Ruff, Pillsbury’s Head of Arbitration, expressed
confidence in representing Nexo in what she called a "battle for
justice." Matthew Oresman, the Managing Partner of Pillsbury’s London Office,
affirmed belief in the strength of Nexo's claim after a thorough examination of
the case.
Reputational
Damage and Financial Setbacks
According to the firm, the politically motivated attack in
2023 had severe repercussions on Nexo, damaging its brand and reputation. As a
result, lucrative business opportunities were lost, and Nexo AG's investments
in Bulgaria
suffered setbacks.
Several planned business activities had to be abandoned,
impacting the company's growth trajectory. Nexo's collaboration with
three leading US investment banks on a funding round and an initial public
offering, with an indicative valuation between $8 billion and $12 billion, was
disrupted.
A strategic alliance with a major European football club,
set to make Nexo the club's official digital wallet
and main partner, was halted just days away from signing. This partnership involved plans for an innovative club-branded payment card, a potential
game-changer for the blockchain industry. Nexo's reputation and brand were
tarnished, resulting in missed opportunities, lost revenue, and a decline in
company value.
Finance Magnates attempted to reach out to the Litigation
Department within the International Arbitration and Procedures Division at the
Ministry of Finance in Sofia, Bulgaria, as well as the Office of the Prosecutor
General in Sofia, Bulgaria, but has not received a response yet.
UK Firm Offered “100 Certy” Crypto Investment Advice; Gets Wind-up Order
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
Hannelé De Necker, CEO, IFX Brokers | FMAS:24
1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
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1 week to go until FMAS:24 kicks off and we couldn't skip our interviews with some of this year's sponsors 🤩 Starting off strong with Hannelé De Necker, CEO OF IFX Brokers.
See you there!
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Get ready to mark your calendars for FMAS:24, returning this May! Take a quick glimpse of what awaits at the Sandton Convention Centre in Sandton, South Africa from May 20-22, 2024.
Don't miss out on this 5-second invite packed with energy and urgency!
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
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▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
FMAS:24 | Sneak Peak
FMAS:24 | Sneak Peak
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Here's a sneak peek into the FMAS:24 vibrant atmosphere! Join us at Africa’s premium financial event for a transformative experience that combines the best of finance and technology.
From May 20-22, 2024, the Sandton Convention Centre in Sandton, South Africa, will be the hub for over 3,500 attendees to engage in unparalleled networking opportunities, learn from over 150 industry-leading speakers, and explore innovations from 120+ exhibitors.
Secure your free ticket now 🔗 https://events.financemagnates.com/yQx0l?utm_source=youtube&utm_campaign=fmas-is-back&utm_medium=video&RefId=FMAS24+Video+Ad+%5B1%5D
#fmas24 #fmas #fmevents #financeinafrica #traders #investors #affiliates #forexTraders #investmentOpportunities #B2BNetworking #finTech #Innovations #TradingCommunity #BusinessOpportunities #AfricanBusiness #Johannesburg #southafrica
📣 Stay updated with the latest in finance and trading!
Follow FMevents across our social media platforms for news, insights, and event updates. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/showcase/financemagnates-events/
👍 Facebook: https://www.facebook.com/FinanceMagnatesEvents
📸 Instagram: https://www.instagram.com/fmevents_official
🐦 Twitter: https://twitter.com/F_M_events
🎥 TikTok: https://www.tiktok.com/@fmevents_official
▶️ YouTube: https://www.youtube.com/@FinanceMagnates_official
Don't miss out on our latest videos, interviews, and event coverage. Subscribe to our YouTube channel for more!
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 | Africa's Premium Financial Event
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
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🔔 Subscribe to our YouTube channel for more!🔔
Looking to expand your network in #Africa? Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
📣 Stay updated with the latest in finance and trading!
Follow Finance Magnates for news, insights, and event updates across our social media platforms. Connect with us today:
🔗 LinkedIn: https://www.linkedin.com/company/financemagnates/
👍 Facebook: https://www.facebook.com/financemagnates/
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Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Join 3500+ Attendees at FMAS:24 - Africa's Premium Financial Event
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa
Looking to expand your network in #Africa?
Join 3500+ attendees at FMAS:24, where online trading, fintech, payments, and crypto meet! Connect with industry leaders and innovators for an unmatched networking experience.
20-22 MAY 2024
Sandton Convention Center, Sandton, South Africa
Register now to secure your spot: https://bit.ly/3JbUpCK
#fmas #fmas24 #fmevents #networking #finance #africa